AI IN 2023 RECAP

ISSUE 015

Welcome to the 15th edition of Curious Hours

Welcome to the final edition of Curious Hours in 2023. It has been a great year for us to start our newsletter and the growth of our newsletter has even caught our team by surprise. Now in 2024 we don’t plan on stopping, but we’re looking to improve at every aspect and bring in more people of interest in the AI domain.

In this edition we’ll be going over what the past year has looked like for AI and see how 2023 was the year of AI. Lets get into it.

Language models were by far the biggest use of AI tools in 2023 and the reason is because of its huge development and updates THROUGHOUT the year. Here are some reasons as to why people took interest:

1. ChatGPT Developments: OpenAI's ChatGPT continued to make headlines with improvements in its conversational abilities and multilingual support. It remained a popular tool for a variety of applications, from answering simple questions to assisting in software development​​.

2. GPT-4 Turbo 128K Context: This enhanced version of GPT-3.5 was introduced with a larger context window and improved functionality, allowing for more sophisticated applications in various fields​​.

3. Chat GPT-4 Vision: Launched in March 2023, this multimodal version of GPT-4 marked a significant advancement by processing both text and visual formats, enhancing its applicability in areas like content creation and data analysis​​.

4. GPT 3.5 Turbo Instruct: Aimed at addressing accuracy issues in previous models, this version was designed to provide more precise and contextually correct responses, reflecting an ongoing effort to improve the reliability of AI responses​​.

5. Microsoft Copilot AI Tool: Integrated into Microsoft Office, Copilot AI aimed to boost productivity by assisting in tasks such as document creation, email summarization, and data analysis in Excel

Also in 2023, the AI industry saw the release and enhancement of several notable tools, significantly impacting various domains from image generation to software development. Here's a summary of some key AI tools that were released or gained prominence this year:

• Midjourney: An AI image creation tool that generates images in numerous styles. It operates through Discord and has been praised for its ability to produce impressive results based on user prompts.

• DALL-E 3 by OpenAI: Another AI image generator, DALL-E 3  translates text prompts into images using natural language processing. Unlike Midjourney, it doesn't require Discord and is known for its effective image generation capabilities.

• Lumen5: An AI-powered online video creator, Lumen5 stands out for its simple interface and quick video creation capabilities. It's particularly useful for business users with its extensive stock library and customisation options.

• GitHub Copilot: As an AI coding partner, GitHub Copilot assists in software development, making it a valuable tool for coders. It integrates with GitHub and is appreciated for its ability to aid in coding tasks.

• Fireflies: An AI meeting analyser, Fireflies records and transcribes meetings, making them searchable. It integrates with popular webcam software like Zoom and Google Meets, streamlining meeting documentation and analysis.

• Also Chat GPT 4.0: Better at understanding and generating text in multiple languages with improved grammatical accuracy.

Maximising Corporate Profits with Generative AI in 2023

1. Adoption and Impact of GenAI

• Usage Across Functions: A significant number of companies incorporated GenAI into various business functions, especially in product and service development, risk, and supply chain management​​.

• Profitability and Efficiency: High-performing organisations attributed a considerable portion of their EBIT to AI usage, showing that AI high performers were leveraging GenAI not just for cost reduction but also for creating new revenue sources​​.

2. Efficiency and Effectiveness Gains

• Substantial Gains: Companies observed 30% to 50% efficiency and effectiveness gains in customer service, marketing, software development, and even in fields like field services and engineering​​.

• Case Study: A bank's call centre, for instance, reduced customer-service consultation duration by nearly 50% using GenAI, demonstrating its practical effectiveness and user-friendliness​​.

3. Economic Potential of GenAI

• Profit Increase Projections: GenAI technologies have the potential to generate $2.6 trillion to $4.4 trillion in global corporate profits annually, significantly enhancing the value of productivity compared to previous AI technologies​​.

• Industry-Specific Impact: Banking, high tech, and life sciences are predicted to witness the most substantial impact from GenAI, with banking alone possibly creating an additional $200 to $340 billion annually in value from all use cases​​.

4. Strategic Business Transformation

• Business Model Innovation: Beyond productivity, GenAI is helping companies reinvent customer experiences, create new services, and develop innovative business models​​​​.

• Workforce Adaptation: These technological advances necessitate employee skill evolution and role adaptation to synergise with GenAI for maximum benefit​​​​.

Key Takeaways:

• Strategic Integration: GenAI is not just a tool for cost-cutting; it's a strategic asset for creating new businesses and enhancing existing offerings.

• Operational Efficiency: Significant operational efficiencies are being realised across various business functions.

• Economic Promise: The potential economic impact of GenAI is vast, with substantial increases in corporate profits projected.

• Industry-Specific Benefits: Certain industries stand to gain more, with banking and high tech at the forefront of leveraging GenAI for profit maximisation.

• Future Focus: The focus for companies moving forward will be on integrating GenAI in a way that complements human skills and drives innovation.

Wrapping up….

We’ve now come to the end of the 15th edition of Curious Hours and with that being said we hope you have enjoyed our coverage of AI news and developments in 2023 and we look to achieve more in 2024 and we invite you to share the newsletter to friends and family if you’ve enjoyed our newsletter.

See you in 2024!!!

“ Its Humans and AI, not either-or”

• -Curious Hours Team

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[email protected] (Founder of Curious Hours and MORAZO AI | Over 300k YouTube Views on AI Meets Football | Author and researcher of Curious Hours Content)

[email protected] (AI Enthusiastic Member & Contributor of Curious Hours)